In insurance industry, huge amount of data is gathered from various sources for providing insurance policy quotes to customers. Further, the gathered data is usually in the form of numerous documents having varied file formats such as spreadsheet format, Portable Document Format (PDF) and image file format. Further, extracting relevant insurance data from multiple documents having varied file formats poses a lot of problem and takes a lot of time and effort. Furthermore, converting the extracted insurance data into appropriate format for uploading on insurance carrier systems is also cumbersome.
Conventionally, various systems and methods exist for extracting the insurance data from the one or more documents. For example, the insurance data can be manually extracted and uploaded in the insurance carrier systems. However, due to large volumes of the insurance data to be dealt with, manual extraction of the insurance data is prone to errors, leads to duplicate entries and critical data is often missed resulting in poor data quality and delay in risk assessment by the underwriters. Further, the underwriters' time is wasted in collecting correct insurance data for proper risk assessment thereby increasing costs for the insurance carriers. Also, there is a delay in providing insurance policy quotes to potential customers.
To overcome the above-mentioned disadvantages, various systems and methods exist for automatically extracting the insurance data from the one or more documents having specific file formats and converting the extracted insurance data into Extensible Markup Language (XML) format for uploading into the insurance carrier systems. However, the customers and the insurance agents submit the one or more documents in varied file formats which pose a problem as the existing systems and methods can process only certain specific file formats. The insurance data from the documents having the varied file formats is then manually extracted and uploaded on the insurance carrier systems leading to delays.
In light of the above, there is a need for a system and method for automatically extracting the insurance data from the one or more documents having varied file formats. Further, there is a need for a system and method for converting the extracted data into appropriate format such as XML format suitable to be uploaded into the insurance carrier systems to facilitate quick and accurate submission which will further facilitate the underwriters to focus on the more critical tasks such as risk assessment and relationship management. Furthermore, there is a need to provide the insurance policy quotes to the potential customers quickly to generate more business for the insurance carriers and minimizing missed business opportunities. In addition, there is a need for a system and method capable of supporting submissions via multiple submission channels across different lines of insurance business such as home insurance, car insurance, health insurance and life insurance. Also, there is a need for a system and method which is configurable and trainable to incorporate new file formats and new submission channels.